Snackpass bags USD 70 Million in Series B funding led by Craft Ventures
Category: # |   By Pankaj Singh |   Date: 2021-06-25

Snackpass bags USD 70 Million in Series B funding led by Craft Ventures

California-based startup social e-commerce platform for restaurants Snackpass has reportedly raised USD 70 million in a Series B funding, which was led by venture capital firm Craft Ventures.

Snackpass has propelled immensely off late, around seven times in the past 3 months. This funding round has allowed the startup to reach a valuation of USD 400 million, having over 500,000 customers across 13 cities.

The funding also includes General Catalyst, Y Combinator, and Andreessen Horowitz along with AirAngels, Steve Aoki, Jonas Brothers, David Grutman, Bastian Lehmann, Draymond Green Gaingels, Pags Group, Shrug Capitals, Turner Novak, HartBeat Ventures, and William Barnes.

Snackpass was founded in 2017 by Kevin Tan and Jamie Marshall and is headquartered in San Francisco, California. The company charges around 7% and predominately focuses on benefiting restaurants by providing them with amenities to digitize and connect with buyers.

Kevin Tan, who is also the CEO of Snackpass, estimated that in the coming 5 years, the majority of restaurants will be digitalized which will also prevent long queues of people while ordering food. Moreover, this digitization will also help in reducing the overall operating costs.

The CEO added that Snackpass is largely adopted by students, while an average buyer orders food at least four and a half times a month, with some customers also place their orders daily.

According to Bryan Rosenblatt, a partner of Craft Ventures, Snackpass has built a dynamic and enticing experience in terms of food, with the help of high social activity, benefits, and shared rewards.

Rosenblatt also stated that the collaboration with Snackpass will improve and expand its service reach while augmenting the demand for its products which will be an ultimate solution for business and customers alike.

If reports are to be believed, Snackpass is soon anticipated to expand in bigger cities like San Francisco, New York, Washington D.C., Austin, Los Angeles, Miami, and Chicago.

Source Credits –

https://techcrunch.com/2021/06/23/snackpass-gobbles-up-70m-at-a-400m-valuation-as-its-social-food-ordering-platform-crosses-500k-users/

 

 

  • shareShare
  • Twitter
  • Facebook
  • LinkedIn


About Author

Pankaj Singh     Twitter

Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

More News By Pankaj Singh

U.K.’s economy to slump worse than other countries in 2023, says IMF

U.K.’s economy to slump worse than other countries in 2023, says IMF

By Pankaj Singh

The U.K. economy is reportedly set to decline and perform worse as compared to other major nations, notably Russia, as the cost of living remains high, as per the International Monetary Fund (IMF). According to the IMF, the economic output would d...

Oil prices hike as China curbs travel rules and US fights winter storm

Oil prices hike as China curbs travel rules and US fights winter storm

By Pankaj Singh

Oil prices reportedly surged to record a three-week high as China lifted its zero-covid policy and extremely cold weather in the United States forced refinery closures along the critical Texas Gulf Coast. Brent crude rose 88 US cents, or 1.1%, to ...

EU accepts carbon market access for $21.3 billion in the energy shift

EU accepts carbon market access for $21.3 billion in the energy shift

By Pankaj Singh

The European Union (EU) policymakers have reportedly agreed to raise nearly $21.3 billion (€20 billion) from the carbon market of that region, to support financing the bloc's strategy to alleviate its reliance on Russia for natural gas in a ...